All Forum Posts by: Nathan Hughes

In Oklahoma you can buy a mobile the same way you would a car. You are issued a title and actually have a tag just like a car. You pay yearly to the DMV to keep the tag up to date but some mobiles can be converted and the title attached to the land like mine. I have to pay property tax instead of the tag renewal. It is now treated like a stick built house but it still depreciates :-(  LOL.  I have owned many mobiles. Its a love hate relationship. I love the fact they don't cost an arm and a leg to buy or repair and I hate the fact that most of them especially older ones are built so cheap. So far Ive never lost any money and I usually make a little profit.  Its been a couple of years since I flipped one but lately Ive been working on to many other projects. 

@Anthony Dooley  This is one near me for sale. Its 35 minutes to Tulsa and its a two park Package one is in Dewey and the other is in Bartlesville Oklahoma for $1,295,000.00  loop net Listing ID: 16149646 

Was your rehab financed or was it cash out of pocket? Whats your market look like? Is it active or slow?  How long are comparable lasting in your market?  If you think you can sell it fast and it wont sit on the market forever I personally would flip it and start another project. If it might take forever to sell then renting it out and later refinancing doesn't look like a bad Idea. Truthfully it really depends on your goals.  If you enjoyed the whole process of finding the property, buying it rehabbing and don't mind doing it again then why not sell and repeat. If your wanting to get some long term cash flow then get a renter in it and in a little while refi and then start over.  Best of luck to you. 

Window units or package units or split systems or mini splits?  What kind of AC's are you looking for?

This would be a good read for you if you haven't already. Me personally I wouldn't want to be 100% leveraged on any property. I like to put my money down that away Hopefully if the need was to arrive I could off load it and possibly be able to pay the lender off.   

https://www.biggerpockets.com/store/no-money-down-...

Ben

 Ive had the same thought about some of my empty farm land. It backs up to a local lake and Ive always wondered if I put up some covered storage's if it could turn a profit. Where I live I don't have to worry about local codes and city ordinances but I would start there first and see if legally its even an option. If that's not an issue then as long as space permits for ease of maneuvering big RVs around I would say go for it. I also would question your intentions with the 4plex as long as its a buy and hold then you wouldn't have to worry about it effecting the value of the property.   I'm not sure what the effect would have on the property value. Hope my two cents helps in some way. 

Jamie do you listen to the BP money podcast?

https://www.biggerpockets.com/moneyshow

If not you should dive into it. Mindy and Scott are awesome and that's what the whole podcast is linked to. If your in the FIRE community and MMM follower then you might have heard of Mr 1500 and that's Mindy's husband. I would also suggest listening to the Choose FI podcast if you don't already.  

Roul Ive never wholesaled a property before but I believe you should have already had someone lined up to purchase the property ahead of getting into a contract. I believe that's what John was trying to hint around with while he was chewing your a$$ off. That being said he does have a point and im not a lawyer by any means so I cant give you any info on the contract legalities. My suggestion is to form a buyers list ahead of time that you have contacted and know thoroughly what they look for and the numbers that they need. Then once you have a network built you can look and target specific properties that you know one of your contacts will purchase from you. Hope everything works out with you and the seller. 

I ended up going to the Osage county Sale. Osage list was almost 800 properties and by the sale it was around 100. I Didn't buy anything but I learned a lot. A couple of Skiatook multi-acre  tracks went for 1k an acre which is crazy cheap and a 460 acre track by the Drummond ranch  wend for 200k! Next year I will bring more cash and a larger list of vetted properties. The first property up for bid turned out to be house worth 60-70k but no one including myself bid on it, so it went to the county. I could have bought it for $198.      :(

Is anyone planning to do a little tax sale shopping on the 10th?